Purpose

XE Trade Money Transfers Review

Information verified correct on December 10th, 2016

Enjoy fast, secure and reliable international money transfers from XE, a trusted company of global currency solutions

Established in Canada in 1993, XE has grown into a Top 400 company and a leading service of currency tools to individuals and companies all around the world. In addition to its many currency tools, it has offered its overseas money transfer service, XE Trade, since 2002. In that time, XE Trade has handled a massive $10 billion worth of global payments.

XE Trade offers a range of flexible features to ensure fast and simple international money transfers. With no fees on its transactions, XE Trade allows you to convert from 24 popular currencies into the majority of other currencies from around the globe.

Transfers are sent from your bank account using a number of different methods, and as XE is a dedicated currency exchange company you can take advantage of its competitive exchange rates. It’s easy and free to sign up for an XE Trade account and all transactions receive high-level encryption technology for complete security.

XE exchange rates

As XE specialises in a wide range of foreign currency solutions, customers can access live exchange rates that reflect market conditions. These rates change regularly throughout the day to keep pace with any fluctuations in the market, and are typically better than the rates offered by major banks.

How much does it cost to transfer money with XE?

XE does not charge any fees or commissions on international money transfers. Instead, it turns a profit on the spread, which is the difference between the price you receive for a transaction and the price it actually costs XE to complete that trade. There are no ongoing account fees to worry about and no transaction fees.

Outgoing wire transfers do attract a fee, although this is generally lower than what banks charge for a similar transaction. In some rare cases you may also incur some third-party charges, such as fees from financial institutions for receiving wire transfers.

Minimum transfer amount and available countries

There is no minimum transfer limit when you send funds overseas with XE, and you’re able to convert your funds into most currencies around the world. XE allows you to convert from the following currencies:

US Dollar

Australian Dollar

United Arab Emirates Dirham

Bahrain Dinar

Canada Dollar

Swiss Franc

Czech Republic Koruna

Denmark Krone

Euro

Fiji Dollar

Great Britain Pound

Hong Kong Dollar

Hungary Forint

Israel New Shekel

Japan Yen

Mexico Peso

Norway Krone

New Zealand Dollar

Poland Zloty

Sweden Kroner

Singapore Dollar

Thailand Baht

East Caribbean Dollar

South Africa Rand

There are certain countries and groups around the world which XE is not permitted to handle transfers to or from. These include:

Belarus

Ivory Coast

Cuba

Democratic Republic of the Congo

Iran

Iraq

Liberia

Myanmar

North Korea

Sudan

The Taliban (group)

Zimbabwe

What types of transfers can you carry out with XE?

There are several transfer options available with XE and no minimum limit per transaction. You can send your transfer from your linked bank account via the following methods:

Wire transfer

Internet Payment

Electronic funds transfer

The funds will then be deposited into your recipient’s bank account – they do not need to hold an XE account in order to access the money you send.

In addition to one-off transfers, XE Trade also allows you to enter ‘bids’ for exchange rates you would like to receive. XE will then monitor global markets and when the rate appears, will automatically lodge your transfer for you.

The registration and transfer process

Signing up for an account with XE is simple and entirely free. All you have to do is enter your name, email address, country of residence and provide two forms of identification.

Once that’s taken care of, lodging a transfer is easy. Simply provide your bank account details, the amount you wish to send, the currency you wish to send it in and who you are sending it to. You’ll then be given a chance to review the exchange rate and the full details of your transaction, and when you’re happy with it you can send your money.

Processing times vary depending on where you are sending the funds and the transfer method you select. For example, while wire transfers take 1-3 days to complete, electronic funds transfers typically take 2-4 days.

Pros and cons of using XE

Pros

No fees. XE does not charge any transaction fees, commissions or ongoing fees.

Competitive rates. XE offers highly competitive exchange rates to customers. Compare XE’s rates with those offered by the banks to see how they stack up.

Cons

No credit card payment. XE does not allow you to pay for an international money transfer from your credit card.

Frequently asked questions about XE

Does XE offer an app?

Yes, but this only allows you to access a range of handy currency tools and resources, not make transfers. The app is available for iPhone, iPad, Android, BlackBerry, BlackBerry 10, Windows Phone, Windows 8 and Firefox.

Is there a minimum transfer amount?

No, there is no minimum transfer limit when you send funds overseas with XE Trade.

Is there a minimum transfer amount?

No, there is no minimum transfer limit when you send funds overseas with XE Trade.

Do I need to open a new bank account in order to send money with XE?

No. XE Trade works with your existing bank account to allow you to send international money transfers.

When can I use XE Trade?

XE Trade can be quickly and easily accessed online 24 hours a day, seven days a week.

How can I check on the status of a trade?

XE will send you an email notification whenever you place an order, while you can always track a transfer using the company’s reporting features by logging into your account. Finally, you’ll also receive an email when your transaction has been completed.

XE Trade offers a competitive and affordable solution when you need to send money overseas. Just make sure to compare its services with those of other money transfer services to find a company that meets all your money transfer needs.

Disclaimer - We endeavor to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide. If you are unsure you should get independent advice before you apply for any product or commit to any plan.

finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, we may receive compensation from our partners for featured placement of their products or services. We may also receive compensation if you click on certain links posted on our site.

Important Information

finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, we may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.